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Sep 30, 2025
Kenon Q3 2025 Earnings Report
Kenon reported strong results in Q3 2025 with notable revenue and profit growth driven by its subsidiary OPC Energy.
Key Takeaways
Kenon Holdings delivered a solid quarter, with a significant boost in net income and adjusted EBITDA largely from OPC's performance in the U.S. and Israel. The company also benefited from increased share in profits from CPV and ongoing strategic expansions.
Kenon's net income reached $69 million in Q3 2025, up from $23 million in Q3 2024.
Revenue grew to $265 million, reflecting gains in both Israeli infrastructure and U.S. retail energy markets.
OPC's adjusted EBITDA rose to $156 million from $108 million year-over-year.
OPC completed key strategic moves including a private share placement and bond issuance totaling $240 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Kenon anticipates further growth as it consolidates strategic assets and expands power generation in the U.S. via the Basin Ranch Project and CPV acquisitions.
Positive Outlook
- Construction of 1.35 GW Basin Ranch Project has commenced.
- OPC acquired remaining 30% of Basin Ranch Project from GE Vernova.
- Agreement to acquire remaining 11% of CPV Shore will enable consolidation.
- Successful issuance of $140 million in bonds supports expansion.
- Private placement raised $100 million to fund strategic initiatives.
Challenges Ahead
- Temporary shutdown of natural gas reservoirs impacted Israeli operations.
- Electricity sales to private customers in Israel dropped due to reduced tariffs and consumption.
- Geopolitical tensions in Israel disrupted energy supply and demand.
- Deconsolidation of CPV Renewable reduced renewable energy revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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